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Larry Ellison, CEO of Oracle Corp., recently purchased 98 percent of the Hawaiian island of Lanai from Castle & Cooke, with the deal being announced by Hawaii Governor Neil Abercrombie.
The island has large amounts of both residential and commercial real estate. In total, the island spans 141 square miles, and was sold for an amount ranging from $500 million to $600 million, The Associated Press explained. The island will provide power for the island of Oahu due to Castle & Cooke's owner David Murdock, whokept a home there and some of the land on the island to create a wind farm.
"I look at this as a potential opportunity for us to get the new owner to look at Lanai in terms of an island that needs to work at sustaining itself," Sol Kahoohalahala, a resident on the island whose family owns some of the remaining land, told the news source. "Tourism cannot be the only economic engine on Lanai."
The project will be funded with cash, and accounts for 88,000 acres of land, two golf courses, resorts and commercial real estate, among other items, the news source added.
